In July 2023, the General LOC was amended to make various changes to terms and financial covenants. A summary of the material amendments is included in Note 15.

In July 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

Trade Date

Notional Amount

Effective Date

Termination Date

Fixed Rate Paid

Variable Rate Index Received

Variable Debt
Financing Hedged

Counterparty

July 2023

6,240,000

8/1/2023

6/1/2030

3.645%

Compounded SOFR

TOB Trusts

Mizuho Capital Markets

In July 2023, the Partnership entered into a new TOB trust financing arrangement with Mizuho. A portion of the proceeds were used to repay the outstanding balance on the Partnership’s Acquisition LOC. The following table summarizes the initial terms of the TOB trust financing:

TOB Trusts Securitization

TOB
Trust Financing

Stated Maturity

Interest Rate Type

Tax-Exempt Interest on Senior Securities

Remarketing Senior Securities Rate

Facility Fees

Interest Rate

40rty on Colony - Series P MRB

4,465,000

July 2026

Variable

Yes

3.31%

1.44%

4.75%

In July 2023, the Partnership executed a $16.5 million equity commitment to fund construction of The Jessam at Hays Farms, a to-be-constructed 318 unit market rate multifamily housing property in Huntsville, AL.

In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs - Series A-T taxable MRB with outstanding principal of $7.0 million was redeemed in full. The Ocotillo Springs – Series A MRB was paid down to its permanent financing size. The following table summarizes the terms of the Ocotillo Springs MRB after conversion:

Mortgage Revenue Bond Name

Month
Acquired

Property Location

Units

Maturity Date

Fixed Interest Rate

Principal Acquired

Ocotillo Springs - Series A

July 2023

Brawley, CA

75

8/1/2038

4.35%

3,500,000

Ocotillo Springs - Series A-1

July 2023

Brawley, CA

75

8/1/2038

6.50%

500,000

4,000,000

The following is a summary of the debt financing principal payments made in connection with the redemption of the Ocotillo Springs taxable MRB and the conversion of the Ocotillo Springs MRB to permanent financing:


Debt Financing	Debt Facility	Month	Paydown Applied
Ocotillo Springs - Series A	Variable TOB	July 2023	$	10,535,000
Trust 2021-XF2939	Variable TOB	July 2023		5,770,000
			$	16,305,000

In July 2023, the Hope on Broadway GIL was purchased by Freddie Mac through a servicer. The partnership received proceeds of approximately $13.2 million representing 100% of the outstanding principal and accrued interest from the sale of the GIL to Freddie Mac. Proceeds of approximately $9.7 million from the sale of the Hope on Broadway GIL were used to redeem and pay all accrued interest and principal of the Hope on Broadway TOB trust financing.

In July 2023, the borrower of the Hope on Avalon GIL and Hope on Avalon taxable GIL extended the maturity dates from August 2023 to February 2024. The forward purchase commitment by Freddie Mac was extended to February 2024 as well. The Partnership received a fee of approximately $102,000 related to the extension. The Partnership also extended the Hope on Avalon TOB trust financing maturity date from August 2023 to February 2024. There were no additional changes to terms associated with the extensions.

In July 2023, the borrower of the Jackson Manor MRB extended the maturity date to September 2023. The Partnership also extended the Jackson Manor Apartments TOB trust financing maturity date to September 2023. There were no additional changes to terms associated with the extensions.

In July 2023, the borrower of the Hilltop at Signal Hills GIL and Hilltop at Signal Hills property loan extended the maturity dates from August 1, 2023 to August 15, 2023. Freddie Mac extended its forward purchase commitment maturity to August 15, 2023 as well. There were no additional changes to terms associated with the extensions.